STX Offshore & Shipbuilding to Get Increased Bale-Out

Creditors have decided to provide additional liquidity to the shipbuilding unit of ailing STX Group in a move to help it overcome a cash crunch, reports Yonhap News Agency.

 Citing officials at the main creditors, Korea Development Bank, Yonhap say that more than 75 percent of other creditors approved the rescue measures including 1.8 trillion won (US$1.69 billion) in liquidity supply for STX Offshore & Shipbuilding.

The rescue measures also include a debt-to-equity swap worth around 1.3 trillion won. The total cash offering would amount to 4.5 trillion won when previously pledged liquidity injection is also included.

Source: Yonhap News Agency